Competitive Opportunity with Terence Roche // Cornerstone Hot Takes

What are some of the biggest competitive opportunities for midsize banks and credit unions in the space?

I think there are two, and neither of them really has to do with product. They both have to do with delivery.

Number one, I think you’re going to see the neobanks and the challenger banks stumble and trip. They are having earnings problems. They’re having client support problems. I think there’s an opportunity to take business back, and I think the way to take it back is that combined digital and human experience.

One of the things they are not good at is helping you at all if you get stuck in the digital channel. I think our clients can really sell that message with a digital experience that’s just as good, or close enough, but with the ability to really offer that support. That’s where they can really show digital plus.

Digital plus. I love it.

I think the second thing is in small business banking. I don’t think that any of the neo-challengers have really figured out small business any better than the banks. But I think this is a year you go after small business banking digital-first and say, “We are selling you a digital experience that helps you stay in the office. It makes your experience better. You don’t have to come see us, but your banker is there for you if you need him or her.”

Love it.

I just think the bloom is coming off the rose for fintech right now, and now’s the time to go on offense instead of defense.